1. Education
You can opt-out at any time. Please refer to our privacy policy for contact information.

Definition of Economics


Definition: As discussed in the article What is Economics?, there is no one universally accepted definition of the term economics. Surprisingly, the 1828 edition of Webster's dictionary contains a definition for political economy that could still apply today:

    "Political economy, the administration of the revenues of a nation; or the management and regulation of its resources and productive property and labor. Political economy comprehends all the measures by which the property and labor of citizens are directed in the best manner to the success of individual industry and enterprise, and to the public prosperity."

However, I would define economics as: "the study of how individuals and groups make decisions with limited resources as to best satisfy their wants, needs, and desires". A more detailed definition and discussion is found in What is Economics?

Terms Related to Economics

About.Com Resources on Economics Writing a Term Paper or High School / College Essay? Here are a few starting points for research on Economics:

Journal Articles on Economics

©2014 About.com. All rights reserved.